December 30, 2022 04:30 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES Metallic Embossed IML
New York, USA, Dec. 30, 2022 (GLOBE NEWSWIRE) -- Lidding Films Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Lidding Films Market Information By Product, Material, End-User, Application, And Region - Forecast till 2028”, the market is estimated to grow at a 5% CAGR to reach USD 6.7 Billion by 2028.
Due to their strength, high tensile, heat resistance, and stability, lidding films are frequently used to cover tubs, bowls, trays, and cups, among other items. Lidding films are available in a biodegradable form and are eco-friendly, both of which are beneficial for preserving the environment. Yogurt and other dairy products are packaged in polypropylene containers with peelable aluminum lids. Due to the materials used in this combination, the packaging cannot be recycled entirely in a single recycling stream. As a result, producers should increase the production of polypropylene lidding to address aluminum lidding's inadequacies. Polypropylene lidding has greater graphics, safety, and sustainability than aluminum lidding. Consumer demand for eco-friendly and recyclable packaging is expanding, bringing in money.
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The eminent companies in the lidding films market are:
Market U.S.P. Covered:
The global lidding films market is expected to expand once more with the loosening of regulations for the HoReCa sector. To keep economies functioning throughout the pandemic, manufacturers are diversifying how they produce personal care and cosmetic goods. The arenas, food services industry, and athletic venues are rekindling the market growth. In the anticipated time frame, the market expansion would be aided by the rising need for food packaging. The increase in demand for processed foods, changes in developing nations' lifestyles, consumers' trust in online food purchases over traditional grocery purchases, and the environmentally friendly properties of biodegradable lidding films and caps are all anticipated to play a significant role in the industry's growth.
The simple accessibility of raw resources and the affordability of labor are the main drivers of market expansion. In addition, the increase in applications for high barrier-lidding film packaging, the rise in consumer products and packaged food demand, and the increasing industrial and urbanization are all expected to produce profitable prospects during the forecast above period. In the following years, it's anticipated that online food shopping will increase. Manufacturers are switching to plug-and-play mode to adjust to changing product demand.
The lack of raw materials is expected to pose a challenge to the market's expansion over the forecast period while growing environmental concerns about the effects of plastic disposal and the inability of these films to protect food products from physical and chemical impairment are expected to act as major restraints.
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The COVID-19 conundrum, such as the global packaging market, has influenced every industry. Companies in the lidding films market have already been putting forth much effort to satisfy stakeholder demand for critical pharmaceutical products as well as for users in the food and beverage (F&B) sector. They are increasing their sources of income through eCommerce and online shopping websites in response to the rising interest in frozen goods. Growing HoReCa business activity would help producers in the lidding film industry overcome aluminum shortages caused by ongoing production problems in recycling plants due to the COVID-19 problem. Even when the lid and container are separated, aluminum lidding is linked to problems, including cross-contamination and aluminum deposits on polypropylene dairy boxes, which prohibit them from being recycled. Therefore, since polypropylene lidding is 100% recyclable, manufacturers should increase their production of it rather than aluminum lidding.
By material, the market includes polyethylene (PE), polyvinyl chloride (PVC), ethylene vinyl alcohol (EVOH), polypropylene (PP), and polyethylene terephthalate (PET). By product, the market includes dual-ovenable lidding films, high-barrier lidding films, and specialty lidding films. The market includes cups, cans & bottles, and trays by application. By end-user, the market includes food & beverage, personal care & cosmetics, and pharmaceutical.
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North America dominates the market for lidding films. North America dominates the market due to rising packaging consumption and the region's booming food and beverage sector. Countries like the US are the primary cause of North America's expansion in the market for lidding films. The US now controls the highest market share for lidding films. The Asia-Pacific area is predicted to experience substantial growth during the market's forecasted period. The availability of raw materials in the nations is the primary factor driving the demand for the lidding films market in the Asia-Pacific region. One of the factors accelerating the market's expansion in the Asia-Pacific region is the region's growing urbanization.
Several significant companies are concentrating on making biodegradable lidding films. People are becoming conscious of the negative impact that plastic products have. These incentivize producers to create cutting-edge, eco-friendly solutions. Consumer choice for biodegradable items has increased as consumers' health, and cleanliness-related knowledge has grown. Government regulations against non-biodegradable materials will encourage producers to develop eco-friendly products. Particularly, the regulatory bodies in North America and Europe have imposed restrictions on the use of particular materials in manufacturing packaging for various food products.
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